THELOGICALINDIAN - Key Points
Bitcoin amount plummeted beneath the $6,800 and $6,560 supports adjoin the US Dollar. BTC/USD could advance declines if sellers advance the amount beneath $6,200.
Bitcoin Price Analysis
After hitting the $7,300 and $7,400 targets, bitcoin amount faced a able attrition adjoin the US Dollar. The BTC/USD brace started a aciculate downside move and confused beneath the $7,000 support. There was a aciculate bounce arrangement noticed about the $7,400 level, which resulted in abundant losses. The amount alike bankrupt the $6,800 abutment breadth and acclimatized beneath the 100 alternate simple affective average.
During the decline, there was a breach beneath a crumbling approach with abutment at $6,790 on the alternate blueprint of the BTC/USD pair. Finally, the amount bankrupt the $6,560 abutment breadth and surpassed the $6,500 level. It traded abutting to the $6,200 abutment breadth and formed a low at $6,249. Later, it adapted college and is currently testing the 23.6% Fib retracement akin of the contempo abatement from the $6,988 aerial to $6,249 low. If there is an upside break aloft the $6,450 and $6,500 levels, the amount could analysis $6,618. It represents the 50% Fib retracement akin of the contempo abatement from the $6,988 aerial to $6,249 low.
Looking at the chart, bitcoin is aback in a bearish area beneath $6,560. If sellers abide in activity and pushes the amount beneath $6,200, BTC/USD could retest the $6,000 abutment in the abreast term.
Looking at the abstruse indicators:
Hourly MACD – The MACD for BTC/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently able-bodied beneath the 25 level.
Major Support Level – $6,200
Major Resistance Level – $6,618
